Elliot Wave Pattern Hints $1,735 support as Trump media launches new token

Ethereum price has rebounded above $1,800 on Wednesday, April 30, as fresh crypto adoption headlines from Trump Media fuel market-wide interest.

Ethereum bulls hold $1,800 support amid market rotation

Ethereum (ETH) is showing signs increased investor interest on Wednesday, as it floats near $1,803, up 0.4% in the last 24 hours. The mild uptick, comes after dipping to a weekly low of $1,784 on Tuesday.

According to Coingecko data, the second-largest cryptocurrency by market cap rose to a new monthly timeframe peak of $1,837.

Zooming out, Ethereum’s seven-day price action reflects a 2.1% gain. ETH Market cap currently sits near $217 billion, holding Ethereum’s position as the second-largest crypto asset.

Meanwhile, trading volume has declined modestly but remains consistent with previous consolidation phases, suggesting a patient accumulation by market participants rather than outright sell-offs.

The ETH/BTC pair is also steady at 0.01905 BTC, up 0.4% over the last 24 hours. This stability relative to Bitcoin shows ETH is holding its own in the broader rotation out of BTC towards altcoins.

Trump Media token launch revives sentiment as ETH tests support range

A shareholder letter from Trump Media & Technology Group (TMTG) this week introduced plans for a new utility token and native Truth wallet, sparking speculative interest in political and media-linked blockchain assets. The news has had a subtle spillover effect on Ethereum, which often benefits from increased media attention around crypto infrastructure.

The token from TMTG is not launching on Ethereum, but the broader theme of media-token integration may renew investor focus on ETH’s role in hosting enterprise-grade apps, NFTs, and tokenized communities.

The broader altcoin market has moved cautiously amid ETF decision delays from the SEC, but Ethereum has managed to avoid deeper losses. With institutional attention now split between meme tokens and serious Layer-1s, ETH’s consistent liquidity continues to act as a stabilizer.

Looking at the 3-month window, Ethereum remains up over 12.9%, reflecting strength from its March rally above $2,100. Still, investor sentiment remains mixed as long as ETH stays below the psychologically important $2,000 level. Short-term volatility may continue, particularly as Bitcoin dominance edges higher and regulatory clarity remains elusive.

Looking ahead: What’s ahead for ETH traders?

While the Trump Media token launch has limited impact on Ethereum’s fundamentals, it emphasises a growing trend of mainstream entities, sovereign governments entering the cryptocurrencies sector.

If this adoption wave gains momentum, ETH price is well-positioned to benefit as the leading network decentralized finance applications.

As of now, traders are watching whether Ethereum can reclaim $1,850–$1,880 in the coming days, with $1,735 remaining the key support to hold.

Ethereum price forecast today: Elliot Wave pattern points to $1,857 target before possible retracement

The Ethereum price forecast chart below displays a clean 5-wave Elliott structure, and price has now reclaimed territory above the mid-range baseline of the Donchian Channel, suggesting bullish control.

The current uptrend from the April 13 swing low formed a base near $1,681, which aligns with the 0.5 Fibonacci retracement of Wave (1). This level now acts as strong support.

More so, the ETH Volume Delta has cooled significantly, printing –9.58K, signaling reduced bearish pressure rather than decisive profit-taking.

However, ETH candles continue to close above the 20-day moving average line within the Donchian Channel.

The upper band of $1,857 marks the likely target for this impulse wave’s completion. If broken, a rally towards $2,000 becomes plausible.

Still, the breakout prospect is not confirmed without a decisive break above $1,857. A pullback from here could trigger instant retracement toward the 0.382 Fibonacci at $1,735, aligning with Wave (4) corrective targets.

In summary, ETH bullish thesis remains intact if prices stay above $1,681, but a close below this level would challenge the Elliott bullish count, possibly breaking below the $1,500 terittory.

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ibrahim

Crypto analyst covering derivatives markets, macro trends, technical analysis, and DeFi. His works feature in-depth market insights, price forecasts, and institutional-grade research on digital assets.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.